Corn futures are within fractions on both sides of UNCH this morning. Most contracts were steady to fractionally higher on Wednesday. Higher ethanol futures provided some strength. The weekly EIA report showed ethanol production at 1.005 million barrels per day in the week that ended on March 8, down 19,000 bpd from the week prior. Ethanol stocks shrank 530,000 barrels to 23.731 million barrels. Brazilian cane mills indicated they would begin operations a couple weeks earlier than normal as the raw material is becoming available. This morning’s USDA Export Sales report is expected to show between 0.8-1.2 MMT in old crop corn sales for the week ending March 7, with 0-300,000 MT for new crop. An Allendale survey shows expected 2019 corn acreage at 91.475 million acres.

--provided by Brugler Marketing & Management

Soybean futures are mostly 2 cents per bushel lower this morning. They ended the Wednesday session with most contracts 3 to 4 1/4 cents higher. Meal futures were up $1.90/ton in the nearby contract, with soy oil down 9 points. March futures expire today. US soybean producers are projected to plant 84.263 million acres this spring according to an Allendale brokerage survey. USDA will release the annual Prospective Plantings report on March 29. Analysts expect USDA to show 1.2-1.9 MMT in 2018/19 soybean export bookings for the week of 3/7, with 0-150,000 MT for 19/20. Soy meal sales are seen at 50,000-300,000 MT, with 5,000-20,000 MT for soy oil.

--provided by Brugler Marketing & Management

Wheat futures are currently 1 1/2 to 3 1/2 cents higher after closing Wednesday with 5 to 10 1/4 cent losses in most contracts. Nearby March contracts showed little volume ahead of their Thursday expirations. Allendale’s survey of producers shows projected 2019 all wheat acreage at 47.414 million acres. All wheat export sales in the week of March 7 are expected to total 400,000-600,000 MT for old crop sales and 50,000-150,000 MT for new crop. A South Korean tender for 50,000 MT of US wheat for late July/early August delivery closes today. Algeria purchased 450,000 MT of optional origin wheat in a tender on Wednesday.

--provided by Brugler Marketing & Management

Live cattle futures settled steady to 65 cents higher on Wednesday. Feeder cattle futures were mixed, with front month March up 25 cents and other nearby contracts lower. The CME feeder cattle index was up 6 cents on March 12 at $139.08. Wholesale boxed beef prices were mixed in the Wednesday afternoon report, with the Ch/Se spread widening to $8.96/cwt. Choice boxes were up 2 cents at $228.24, as Select was $1.07 lower @ $219.28. USDA estimated the WTD FI cattle slaughter at 354,000 head, up 4,000 wk/wk and 3,000 larger than last year. FCE’s online auction saw no sales on the 755 head offered on Wednesday, with bids of $126.50 passed by feedlots. Cash trades on Wednesday were later reported at $127 across most regions.

--provided by Brugler Marketing & Management

Lean Hog futures were mostly 52.5 cents to $1.875 higher on Wednesday, with nearby April down 17.5 cents. The CME Lean Hog Index was up 40 cents from the previous day @ $52.38 on March 11. The USDA pork carcass cutout value was up 23 cents on Wednesday afternoon at an average weighted price of $67.85. The national base hog carcass value was up 89 cents in the PM report at an average weighted price of $50.44. USDA estimated the weekly FI hog slaughter was at 1.42 million head through Wednesday, even with last week and 32,000 head above last year.

Cotton futures are trading 99 to 132 points lower here on Thursday morning on poor Chinese economic data and a stronger US dollar. They posted 20 to 87 point gains in most contracts on Wednesday. A weaker US dollar index and stronger crude oil had helped cotton on Wednesday. The Cotlook A Index was down 20 points on March 12 to 81.55 cents/lb. The USDA Adjusted World Price (AWP) is 63.42 cents/ lb through Thursday. USDA will release the Export Sales report on Thursday morning, showing bookings for the week of March 7. A total of 34,412 bales traded on The Seam on Tuesday, with an average price of 65.55 cents/lb.

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